Nike Profits Jump on China Rising Sales

Nike’s profits have beaten expectations, helped by rapidly rising sales in China.

For Q3 2015, the world’s biggest sportswear maker reported a profit of $1.18 billion, up 23% from a year earlier.

Total revenues rose 5.4% to $8.41 billion, with sales in Greater China up 30% to $886 million.

The rise comes despite the slowdown in China’s economy, which is heading towards its weakest growth in 25 years.

Several global retailers have been hit hard by slowing sales in China.

However, Nike said sales in China were “amazing” and it had seen a strong performance in all categories.

“While we are very mindful of the macroeconomic volatility in China, our brand has never been stronger and our marketplace has never been more healthy,” said CFO Andy Campion.

The results mark the ninth consecutive time that Nike has beaten expectations for its profit.

Nike’s New York-listed shares were up 7.5% in after-hours trading in reaction to the results.